Current account deficit 18.5 bn

While the country8217;s exports rose 17 per cent in the first quarter, the imports remained higher than exports at 23.8 per cent, against 64.5 per cent in the first quarter of 2005-06, largely due to the rising crude oil prices.

The average price of the Indian basket of international crude, a mix of Dubai and Brent varieties, surged to 66.8 per barrel in the first quarter from a low of 49.3 per barrel in the corresponding quarter of last year.